What is a sis supposed too do ? Loaned my sis some money . We have a written agreement signed and all .?

Question

She hasn't held up her end of the deal . She was supposed to pay me the full amount back in Dec. 2006 . She stopped making any payments back in August 2006 . I have something of value of hers, but don't wont to go that route if I can Keep from it. I've asked for any kind of payment , but I get nothing. I borrwed this money from the bank and I've had to since pay it all back cause it was in my name.

Answer 1

Does your sister have a good reason for her discrepancy in paying you back ? There is much you are not saying that would be helpful to know.Have her financial circumstances changed since you took out the loan for her or is she just taking advantage of the fact that you are family ? If she is having problems, do you need the money right now or are you just ticked that she hasn't payed you ? I think that you should do your best to talk with her. Be straight and tell her how you feel about this situation and give her an opportunity to explain her circumstances and work with you on this. If that isn't possible because she is being disrespectful and taking advantage of you then you need to tell her that you intend to sell whatever it is that you are holding and do exactly that. This was an agreement and obviously you decided to make it as formal as possible for whatever reasons you may have.Your sister should respect that and stay within your agreement. If she can't then she should expect you to do what you need to recoup your money. Good luck to you. : )

Answer 2

I could not be more sorry.
Is there anyway the thing that you have of value that belongs to your sister be used to pay off what she owes you. (can it be sold or pawned?)
If so do that and dont say another word about it.
Your sister is probably very heavy into debt which is why she had to borrow the money from you in the first place. If she was credit worthy, she would have bypassed you and went directly to the bank herself.

It was a hard and costly lesson but not one that needs to spell the end of your relationship with her. Try to turn your anger into pity.
What is she going to do the next time (and there will be a next time) she gets into financial trouble?
P.s. I would definitely tell your mother and other siblings.
Not so much for the gossip factor but to make sure that this does not happen to the either.

My brother did something like this to my little sister.
For his birthday we sent my brother a card that said the value of your gift was $100 however we sent the money to (little sister) towards your loan payment.

Answer 3

How solid is your written agreement? You could take her to small claims court, I believe, if she refuses to follow through with a signed contract. Explain to her that you aren't doing it to her personally, that you don't love her less, but she has put you in a tough situation and it is a business agreement, not a personal issue with her. Give her a chance to pay you back, but follow through with your ultimatum if she does not meet the new deadline.
In the future, you may want to think twice before lending money, especially if it means borrowing from a bank yourself. There is probably a good reason she couldn't just go to the bank herself. Good luck.

Answer 4

What a sis! Hopefully she will pay you when she gets her IRS refund.
Hopefully you learn your lesson. NEVER LEND TO FAMILY!!!!!!!!!!!!!
Hope you get all your money back and a little extra for the interest you had to pay your bank.

Good Luck.

Answer 5

never do business with family..............................
or friends............................
Never do this again.
expensive lesson done that too!
keep her stuff till she pays and inform that it will never happen again and what goes around comes around.
God bless you.